New Delhi: The Southern Range section of the Crime Branch recently arrested a wanted cheat, carrying a reward of Rs 25,000. Police said on Wednesday that the fraudster had cheated banks of several crores.
The arrested person was identified as Surender Yadav, a resident of Rewari, Haryana. The 51-year-old man was declared a 'Proclaimed Person', in an EOW case for cheating SBI, J & K Bank and Syndicate Bank of crores by securing credit or loans based on forged property and business documents.
Based on a tip-off, sources were deployed and through technical and manual surveillance, it was found that the accused was constantly changing his hideouts. He kept moving from Bengaluru- Uttrakhand-Saharanpur-UP-Haryana etc. The team visited various hideouts of accused person at Uttrakhand, Saharanpur of UP, Haryana etc. and he was finally caught from Rewari on February 28.
In 2010, accused persons Surender Yadav and his wife Anita had approached SBI's Chandni Chowk Branch for cash credit for the smooth running of their business (trading in electrical equipment) and presented themselves as the proprietor of M/s Pragati Associates.
The proposal was scrutinized and credit facilities aggregating to Rs 24 crore were sanctioned. Accused persons availed the limit as per their needs and requirement, but they never repaid the loan, the police said.
The investigation revealed that the collateral security or mortgaged property documents deposited by them were already mortgaged with Syndicate bank and J & K Bank and titles or ownership of one of the properties was also found to be disputed.
The accused is a B.E. in Mechanical Engineering and has done MBA in Finance. After completing his studies, he started working in a private company, but after some time he left the job and started property dealing and construction work. Further interrogation is in progress, the police said.